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Stocks rallied on Wednesday as investors rushed to oversold stocks with Saudi financial backing and sinking commodities markets raising hopes that pressures on the economy could ease in the near term, traders said. .
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index closed 296.76 points or 0.66% higher at 45,369.14 points, reaching a high of 45,460.73 and a low of 45,072.38 points during the transaction.
Ahsan Mehanti, at Arif Habib Corp, said the shares closed at a record high after SBP approved the Saudi Fund’s $ 3 billion terms and rupee earnings.
Strong economic outlook ahead of IMF tranche release and a 33% year-on-year increase in exports near a record $ 2.93 billion in November 2021, remittances and rising global prices of crude oil supported a bullish close, Mehanti said.
The KSE-30 stock index also rose 146.24 points or 0.84% ​​to 17,575.86 points.
JS Research said in its market research that the benchmark started the month on a good note, with investor interest mostly in blue-chip stocks, which traded at a steep discount.
“Going forward, we recommend that investors adopt a downward buying strategy in the banking, fertilizer and cement sectors,†the brokerage said.
Shares traded, however, fell by 170 million to 241.06 million from 411.46 million shares, while the value of the trade fell to 9.22 billion Rs from 34.82 billion Rs.
Market capital has grown from 7.7 trillion rupees to 7.7 trillion rupees. Of 337 companies active during the session, 209 posted gains, 108 posted losses, while 20 were unchanged.
Topline Securities in a note said that after a slightly positive opening, the market hit an intraday high of 387 points and remained positive throughout the session.
Investors applauded the drop in international commodity prices and the smooth course of yesterday’s MSCI-related transactions, the brokerage said
LUCK, UBL and HBL, being the main winners, cumulatively contributed 99 points to the index.
Rafhan Maize led the winners by increasing from Rs 161.37 to Rs 9,899 / share, followed by Nestlé Pakistan, rising from Rs 131.46 to Rs 5,521.54 / share.
Sapphire Textiles led the losses as it fell from Rs86.32 to Rs1064.75 / share, followed by Sapphire Fiber, down from Rs52.75 to Rs845.25 / share.
Arif Habib Ltd in a report said the index remained in the green zone throughout the day as the market celebrated the transition from emerging market to frontier market.
The index opened on bullish momentum as investors aggressively bet on cement, steel and tech stocks. Later, an accumulation was observed in the banking sector as the CPI (consumer price index) inflation for the month of November 2021 reached 11.53% yoy (+ 3% yoy monthly), the highest in 21 months influenced by a record hike in fuel prices, the brokerage said.
According to the Arif Habib Ltd report, a sharp rise was seen in the last hour of trading as short sellers surged to line up with trading positions.
Fauji Foods Ltd was the leader by volume with 38.34 million shares, followed by Fauji Foods (R) with 37.06 million shares.
Stocks that posted significant revenue included TPL Properties, Maple Leaf, TRG Pakistan Ltd, WorldCall Telecom, Unity Foods Ltd, Fauji Cement, Pioneer Cement and Telecard LimitedXB.
Futures revenue fell to 72.31 million shares from 77.46 million on Tuesday.
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